Craftsman Automation has entered into a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions (Sunbeam) and Kedaara Capital Fund II LLP (Kedaara), for acquiring the whole or part of the business of Sunbeam (excluding certain specific assets of Sunbeam situated in Gurugram) in one or more tranches (Proposed Transaction).
The completion of the proposed transaction remains subject to inter alia, completion of due diligence, final approval of the Board of Directors of the Company, execution of definitive documents, and completion of other customary conditions as may be required under law.
Craftsman Automation is a diversified engineering company engaged in: (a) Automotive - Powertrain and Others, (b) Automotive - Aluminium Products, and (c) Industrial and Engineering segments.
